Revised policies on the execution of waivers

26 Apr 2016

This Tax Alert is issued to inform taxpayers of the revised procedures and policies for the proper execution of waivers from the defense of prescription pursuant to Section 222 of the National Internal Revenue Code (NIRC) of 1997 is revised. The revised policies aim to address rampant practice by taxpayers of contesting the validity of their own waivers after having availed of the benefits thereof.

Enforcement of R.A. No. 9510 over Financing Companies

26 Apr 2016

This Accounting Alert is issued to provide information about the recently released Memorandum Circular No. 3, Series of 2016, issued by the Securities and Exchange Commission (SEC) on the enforcement of Republic Act (RA) No. 9510, Credit Information System Act, over financing companies.

PRC BOA further amended Resolution Nos. 3-2016 and 68-2016

26 Apr 2016

This Accounting Alert is issued to provide information about the recently released Board of Accountancy (BOA) Resolution No. 115-2016, Extending the Deadline in the Filing of Applications for Accreditation of Certified Public Accountants (CPAs) in Commerce and Industry Practice and the Covered Period of the Financial Statements Subject to the Certificate on the Compilation Services Requirement, and Providing for the Review of the Ten Million Peso (P10,000,000.00) Threshold as set Under Resolution No. 03-2016 and 68-2016.

Outsourcing Brief: January - March 2016

21 Apr 2016

Outsourcing Brief Q1 2016

Clarifications to IFRS 15, Revenue from Contracts with Customers

13 Apr 2016

The IASB has made clarifying amendments to IFRS 15, Revenue from Contracts with Customers, and introduced additional transition relief for entities applying the standard for the first time. The focus of these amendments is on clarifying the application of IFRS 15 when identifying performance obligations, determining whether an entity is acting as principal or agent in a transaction, and assessing whether a license transfers to a customer over time or at a point in time.